"We are pleased with our performance in this challenging environment," said John Young, president and chief executive officer of the Richmond-based manufacturer of industrial pumps. "While overall sales were down, our Navy and power generation businesses showed good growth over last year's third quarter."
Young said the company is making progress on cost-reduction initiatives, including cutting about 15 percent of its work force.
"We expect to realize savings of approximately $16 million in 2009 or about $22 million on an annualized basis," he said.
* Colfax is the parent company of Allweiler, represented in Israel by Berlin Technologies.